Ken invested $5,700 in the 6% account, and the other $4,300 in the 4% account.
How much money was invested in each account?
Let's define the variables:
- x = amount of money on the 4% account.
- y = amount of money on the 6% account.
We know that Ken invested $10,000 in total, so:
x + y = 10,000
And the interest in one year is:
x*0.04 + y*0.06 = 514
Then we have a system of equations:
x + y = 10,000
x*0.04 + y*0.06 = 514
To solve it we start by isolating one of the variables in one of the equations, isolating x we will get:
x = 10,000 - y
Replacing that in the other equation we get:
(10,000 - y)*0.04 + y*0.06 = 514
400 - y*0.04 + y*0.06 = 514
400 + y*0.02 = 514
y = (514 - 400)/0.02 = 5,700
Then Ken invested $5,700 in the 6% account, and the other $4,300 in the 4% account.
If you want to learn more about systems of equations:
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